After our first joint podcast with Kilian Thalhammer at the Money20/20 Europe in (back then still) Copenhagen and our joint podcast with Jochen Siegert about the Bitcoin decision, we are now pleased to present the third joint Podcast with Payment & Banking. For the 201st episode of the Payment & Banking FinTech podcast and the 36th episode of PayTechTalk, André Bajorat, Kilian Thalhammer and I met up one beautiful summer’s evening and used the 14 March deadline to talk about the status of PSD2 and how far banks and FinTechs have progressed with the implementation of the RTS SCA requirements.
The status of PSD2 and the implementation of the RTS SCA requirements. This is what it’s all about
What is the 14 March deadline for? The RTS SCA only really enter into force on 14 September. Well, if you deduct the grace period of half a year, 14 March marks the start of the testing phase in which account-holding payment institutions should have published their documentation about interfaces and provided a testing environment (Sandbox) for third-party providers (TTP).
So far, so good. However, based on a survey carried out by Tink, Finextra recently reported that only around half of the banks surveyed had implemented this as required. In Germany, things look very different: (nearly) all banks have provided an API Sandbox as well as the required documentation about their interfaces. Does this mean Germany is an innovation pioneer in this case?
What does this mean from a regulatory perspective and what is the technical status? The so-called Berlin Group has prepared guidelines regarding this topic. But what does that mean? Are these guidelines binding? Will the adherence to these guidelines automatically mean that you are PSD-compliant? Do we have an advantage in the German market from a TTP perspective due to the PSD2-APIs or was screen scraping better for the TTPs? Will screen scraping disappear?
Even if PSD2 says that there may not be any hurdles for customers/users to use TTPs: Do the new requirements result in increased complexity for TTPs – or for the customers/users? What does this mean for multi-banking? And from a legal perspective, who checks the conformity with the implementation of PSD2? What will happen to those who do not adhere to the six-month deadline and who haven’t set up a testing environment? What will this mean for the development market?
You will find out about all this and more in our 36th episode of PayTechTalk (or the 201st episode of the Payment & Banking FinTech podcast).
- Blog entry on screen scraping
- Payment and Banking
- Payment & Banking FinTech Podcast
- 41% of banks missed PSD2 deadline says survey
- What a missed PSD2 deadline says about the challenge of implementation
- Tink Thinks: EBA’s clarifications on PSD2 APIs – and what they mean
The original podcast is in German
Cover picture: Copyright © PayTechLaw